Historic Crypto Bill Passes: A New Era for Digital Assets

The U.S. House of Representatives took a significant step on Thursday by passing the GENIUS Act, a bill designed to establish a regulatory framework for stablecoins, cryptocurrencies pegged to the U.S. dollar. This action sets the stage for President Donald Trump to sign the bill into law, marking a pivotal moment for the evolving digital asset industry.

The passage of the bill is seen as a major advancement for the crypto sector, which has long advocated for federal regulations and invested heavily in political campaigns to promote crypto-friendly candidates. The GENIUS Act will widen the Commodity Futures Trading Commission's regulatory scope, providing clearer guidelines and protection for investors.

Market reaction to the bill's passage was mostly positive, with crypto-related stocks seeing gains. However, experts caution that while the bill is a step forward, volatility remains a risk. The legislation aims to enhance consumer protection and support innovation, bolstering the U.S.'s competitive stance in the global digital economy.

(With inputs from agencies.)